Tariff uncertainty roiled equity markets in March with volatility continuing into the April 2nd “Liberation Day” featuring the announcement of new tariffs on U.S. trading partners. Negative sentiment grounded on fears of potential tariff induced economic disruptions sent investors to the sidelines with the prospect of rising inflation and slowing economic growth raising recession and stagflation concerns. Although tariff turmoil appears likely to be an ongoing issue, we remain optimistic that the level of uncertainty may gradually diminish over time now that we have passed the announcement of new baseline and reciprocal tariffs. In addition, with the recent correction in equity prices, market valuations appear more attractive creating potential opportunities for longer-term investors among companies with solid secular growth prospects. In sum, we think it is likely that the U.S. economy may experience a short-term soft patch with associated elevated market volatility but remain optimistic about longer-term potential as focus shifts to expected upcoming tax reform and deregulation initiatives.